Saturday, February 27, 2010
BEYOND THE ABYSS
Essentially, the theme of the film is that the rich ruling elite have gamed the system for decades and have destroyed the middle class of this country. Government malfeasance in passing the Community Reinvestment Act, repealing Glass Steagall, and allowing 5 Investment Banks (Goldman Sachs, Bear Stearns, Lehman Brothers, Merrill Lynch, and Morgan Stanley) to leverage 40 to 1 led to the crisis. When these firms converted from partnerships, with individual liability, to corporations with no personal liability, Pandora's box had been opened.